In the midst of SAC Capital Advisors’ transition into a family office, two more employees are jumping to other hedge fund firms.
The New York Times reported that the pair of SAC portfolio managers—Wayne Chambless and Christopher Procaccini--are joining New York-based Highbridge Capital Management to manage money for its stock trading funds.
Chambless and Procaccini are the latest SAC employees to jump ship in the last several months as the firm cut its staff through a combination of layoffs and office closings. SAC shut its London office last year following its guilty plea to insider trading.
A grand jury charged SAC last July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. SAC, which pleaded guilty in November, agreed to pay a record $1.8 billion fine and to be barred from managing external capital for five years.
eVestment also reported last week that SAC will rename itself Point72 Asset Management, which will take effect next month, in an effort to re-brand itself.
SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion once the firm completes its transition to a family office. Highbridge, which is owned by JPMorgan Chase, is one of the world’s largest hedge fund firms.